ACCA and UBT CEC partner to hone finance skills

The Association of Chartered Certified Accountants (ACCA) and the Continuing Education Center (CEC) of the University of Business and Technology (UBT) in Jeddah are collaborating to develop the finance and accountancy skills of finance professionals, in line with the Saudi Vision 2030.In recognition of the quality of learning provision and support provided for ACCA certification and diploma candidates, UBT was awarded the sole Registered Learning Partner (RLP) in Saudi Arabia. UBT Rector Prof. Osama Jannadi, along with UBT CEC Director General Amir Dhia received the award during the ACCA New Members Ceremony held in Jeddah on May 9.Based on this association, UBT CEC will be providing training for the ACCA Certificate in International Financial Reporting Standards (Cert IFR), ACCA Diploma in International Financial Reporting Standards (Dip IFR), as well as the ACCA Certificate in International Auditing (Cert IA).Dhia said: “This partnership is an important step toward qualifying current and future practitioners in accounting and finance.”He added: “The bachelor and master degree students in the fields of accounting, finance, auditing and business management will be among the first to benefit from the ACCA internationally recognized and renowned certifications. These certifications will help the students to be in a better and competent position as they apply for and continue their jobs. To upgrade their performance and standards, companies and their employees will also be able to benefit from this training and certifications.”Fazeela Gopalani, head of education for ACCA Middle East, who presented the award, said: “In Saudi Arabia, the government is making great strides in realizing Vision 2030 by further embracing economic reforms, including the introduction of VAT and other key reforms. “With economic diversification, reform and further fiscal solidarity across the region, finance professionals will be pivotal to driving long term sustainable growth in Saudi Arabia.”

King Abdullah Port throughput up by 36%

Updated 21 January 2019

Arab News

January 21, 2019 21:54

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The annual throughput of King Abdullah Port increased to 2,301,595 TEUs by the end of 2018, an increase of more than 36 percent compared to 2017. This maintains its position as the second largest port in the Kingdom in terms of container handling.

Since its inception in the last quarter of 2013 the number of containers handled by the port has reached 7,227,859 TEUs. The port’s management stated that the annual increase in throughput was primarily achieved in conjunction with an 8 percent increase in imports and exports compared to 2017.

King Abdullah Port CEO Rayan Qutub said: “King Abdullah Port constitutes a real success story in public-private sector partnerships in light of the increasingly outstanding figures it achieves year after year. The port has become the leading driver in the maritime shipping and logistics services sector in terms of building knowledge, launching initiatives and supporting various activities in this sector.”

He added: “King Abdullah Port aspires to support the Kingdom’s economic development and enhance its competitiveness by increasing the efficiency of logistics services and supporting trade movement between the Kingdom and the rest of the world in line with Vision 2030. The latter would occur through the provision of state-of-the-art infrastructure and advanced logistics services to become a landmark on the maritime and logistics services map in the Kingdom and the region.”

Referring back to the 2018 results, Qutub said: “We achieved a record 50 percent increase in container handling in the first half of 2018, and we are moving forward with our development plans to provide best practices in the fields of port development and operation as well as supporting logistical services. This will increase the Kingdom’s competitive advantage on the logistics services index, and in turn effectively contribute to achieving the logistical objectives of the Kingdom’s Vision 2030.”

The results achieved by King Abdullah Port in 2018 include an increase in transshipment volume reaching 1,847,569 TEUs, which is a 44 percent increase compared to 2017. Meanwhile, the number of vessels received by the port increased to 911 vessels, a 12 percent increase compared to 820 vessels in 2017.

The port features state-of-the-art facilities including 18-meter water berths, which are the deepest in the world, and the world’s largest and most advanced cranes, which employ the latest technology and feature a 65-ton lifting capacity as well as a handling capacity of 25 containers. Such facilities enable the port to serve giant container vessels now and in the future.